Sibos conference is still on in Sidney, with all big Ripple’s executives in attendance. They took turn to speak on the impact of the blockchain based cross-border payment processing platform.
One of the Ripple’s representatives who spoke in this conference is the head of strategic accounts, Marcus Treacher. He discussed what the firm has done and more they are set to do.
He said that Ripple is responsible for a lot of changes that have taken place in the GPI with the contribution of some other firms that have been able to challenge the existing technology in cross-border payments.
Ripple was able to achieve the changes so far by challenging what already exists. But when they started exhibiting at Sibos years back, it was difficult to get attention.
When they noticed some topics were not being addressed at the event, they took the initiative to introduce these topics, so they created their own conference Swell.
The Swell brings fintech and banks together through the network of people within the same sphere. It is versatile, about discussions on blockchain and faster payment processing.
Now things are different, Ripple is stronger, has been able to build its customer base and ready to cover the next milestone.
When Mr. Treacher was reminded of the statement he made during the conference last year that Ripple would disrupt the world in which SWIFT exist;
“I think Ripple is going to disrupt the world within which SWIFT exists, for the better. SWIFT will have two choices, either to move with the changes or lean into their unique value as a governing body representing thousands of banks. SWIFT has been incrementally improving its technology – with GPI, for instance – but it is yet to make that fundamental shift.
To analogize this, when it comes to improving payment technology, it’s not about putting faster trains on the existing rail infrastructure. It’s about building an airplane. SWIFT GPI is an incumbent reaction to a landscape that is seeing the beginning of a change that they’re not prepared to adopt.”
Treacher affirmed the above statement, he said:
“It’s pretty much still on point, we haven’t deviated and if anything 2018 has proved out those predictions. I feel very strongly that although we’re targeting the underserved high volume low-value flows and connecting the underbanked in Africa and Asia. As we build our client base and build our volumes there’s a natural question as to why we don’t apply our technology to the treasury, to banks’ bank flows and to funding and liquidity.
You might get a ‘train to airplane’ type play where there’s always a role for a SWIFT body, or you might get to a tipping point. I personally believe in the impact of innovation, that when things start to move they generally play out; there’s a degree of inevitability that the world will move on from the 1970s model that is entrenched in Swift.”
When asked if Ripple will be ready to work together with SWIFT in the future, he said it will not be necessary as time goes on, because they are operating on a more higher standard they’ve set for themselves.